Author Topic: Bank account churning: how to make $1600 in a year by being organized  (Read 101339 times)

CanuckExpat

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #450 on: January 09, 2019, 08:44:22 PM »
We made "only" $1400 in 2018, that was about half of our 2017 total.
We found we are starting to get denied a lot during applications, we must have made the naughty list, either for applying for too many bank accounts, or for having a questionable physical address history.

All good things come to an end.

soccerluvof4

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #451 on: January 10, 2019, 04:25:29 AM »
Ha, that is true.  If you want to see all of the accounts that I have opened in Wisconsin, you can go to the page 5 of the journal in my signature.  I believe we got paid for 32 bonuses last year.

I would probably start with PNC, because they are Early Warning Systems (EWS) sensitive, meaning that they might not approve you after you open a bunch of other accounts.

You can get $300 after $5,000 of direct deposits in 60 days, plus 10 debit transactions.  You can also fund $2,000 with a credit card to start, so it might be good to have a sign up bonus to hit there.  Data on which cards can be used, and which methods work as a direct deposit are here:

https://www.doctorofcredit.com/pnc-up-to-300-checking-bonus-no-state-restriction/

If you don't already have a Chase account, you could grab one of those too.  They only let you get one every two years now, so you may as well start that timeline ASAP.  No credit card funding with Chase, but you get $300 after one direct deposit of any amount.

https://www.doctorofcredit.com/chase-600-checking-savings-bonus/

A good list to find all the current bonuses is here: https://www.doctorofcredit.com/best-bank-account-bonuses/

Other good ones to grab are BMO Harris, Associated Bank, Elements Financial (Check sensitive, so might not get approved after opening a bunch of other accounts), First Bank Financial Centre, First National Bank of Wisconsin.  Not all of these have bonuses now, but they come and go.  There are also nationwide bonuses from Citi, Wells Fargo, and Bank of America right now.

Doctor of Credit seems to post a bank bonus for Wisconsin about once a week, so you can make a lot.






Thanks!! Big help! I just got into the CC churning and have one card CIP i just finished covered the 5k spend and am Halfway through the CPU . I got a mailer for Savoy so think I will order that today so if they makes any difference into which bank (s) i should do? appreciate the help. I do check Doctor of Credit as well. Still find alot of this confusing so probable will take me a little more time to get this all figured out and make sense of it all.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #452 on: January 10, 2019, 05:19:37 AM »
We made "only" $1400 in 2018, that was about half of our 2017 total.
We found we are starting to get denied a lot during applications, we must have made the naughty list, either for applying for too many bank accounts, or for having a questionable physical address history.

All good things come to an end.
.

Well $1400 is better than $0. So far I haven't seen much in terms of denial (only a couple from chex system). And a couple banks I am hitting up for the 3rd time.

slappy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #453 on: January 10, 2019, 09:30:34 AM »
We made "only" $1400 in 2018, that was about half of our 2017 total.
We found we are starting to get denied a lot during applications, we must have made the naughty list, either for applying for too many bank accounts, or for having a questionable physical address history.

All good things come to an end.

I've had issues with denials as well.

therethere

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #454 on: January 10, 2019, 09:35:27 AM »
How many accounts did you open in a year before you started seeing denials? I was about to pickup on doing this a more organized way and was planning around 1 new account every 3 months.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #455 on: January 11, 2019, 05:16:43 AM »
How many accounts did you open in a year before you started seeing denials? I was about to pickup on doing this a more organized way and was planning around 1 new account every 3 months.

You just have to pay attention to which banks are chex sensitive. There are no hard and fast rules about how many bank accounts you can open.

Pizzabrewer

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #456 on: January 11, 2019, 08:19:21 AM »
How many accounts did you open in a year before you started seeing denials? I was about to pickup on doing this a more organized way and was planning around 1 new account every 3 months.

You just have to pay attention to which banks are chex sensitive. There are no hard and fast rules about how many bank accounts you can open.

Agreed there are no hard and fast rules but 1 account every 3 months shouldn't cause a problem at all.

I just added up my bank account bonuses and interest for 2018:  $2640.  Not as much as some here but not bad. 

JenniferW

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #457 on: January 12, 2019, 01:07:42 AM »
I just signed up with Chase Total Checking, to do my very first churn.  They only require a single direct deposit which is easy, but to waive the $12 per month fee I need to do monthly deposits of $500 for 5 months before I close the account at 6 months.

Do you guys just pay the $12 each month in fees ($60 total) or do keep doing $500 direct deposits?  These becomes more problematic if say I am churning several other bank accounts at same time.  Is it better to churn as many as possible and fork out the $60 fee or cut down a bit on the number of accounts and deposit $500 into the account every month?

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #458 on: January 12, 2019, 04:57:34 AM »
I just signed up with Chase Total Checking, to do my very first churn.  They only require a single direct deposit which is easy, but to waive the $12 per month fee I need to do monthly deposits of $500 for 5 months before I close the account at 6 months.

Do you guys just pay the $12 each month in fees ($60 total) or do keep doing $500 direct deposits?  These becomes more problematic if say I am churning several other bank accounts at same time.  Is it better to churn as many as possible and fork out the $60 fee or cut down a bit on the number of accounts and deposit $500 into the account every month?

You can set up auto deposit and withdrawal. I've done that with other banks that have the same monthly DD requirements (ie. Keybank). You don't need to keep shoving $500 in every month. Just deposit it and take it right back out a couple days later. That way you'll only need a dedicated $500 to keep the account fee free until you can close it.

Some banks will also let you downgrade to a fee free account.

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #459 on: January 12, 2019, 05:39:06 AM »
I just signed up with Chase Total Checking, to do my very first churn.  They only require a single direct deposit which is easy, but to waive the $12 per month fee I need to do monthly deposits of $500 for 5 months before I close the account at 6 months.

Do you guys just pay the $12 each month in fees ($60 total) or do keep doing $500 direct deposits?  These becomes more problematic if say I am churning several other bank accounts at same time.  Is it better to churn as many as possible and fork out the $60 fee or cut down a bit on the number of accounts and deposit $500 into the account every month?

You can also let $1500 sit in the account to avoid the fee, if you have the extra cash handy.

Roots&Wings

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #460 on: January 15, 2019, 11:13:57 AM »
Gonna let $1.5k sit in BofA checking. Can't believe I was targeted again for the $300 checking bonus, nice surprise since I just closed a premium rewards CC with them. It was easy before, hopefully easy again.

katsiki

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #461 on: January 15, 2019, 12:55:37 PM »
Gonna let $1.5k sit in BofA checking. Can't believe I was targeted again for the $300 checking bonus, nice surprise since I just closed a premium rewards CC with them. It was easy before, hopefully easy again.

I was targeted a second time also.  How often can you do the BOA checking promo?

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #462 on: January 15, 2019, 02:39:57 PM »
Gonna let $1.5k sit in BofA checking. Can't believe I was targeted again for the $300 checking bonus, nice surprise since I just closed a premium rewards CC with them. It was easy before, hopefully easy again.

I was targeted a second time also.  How often can you do the BOA checking promo?

As long as your previous account was closed over 6 months ago, you are good to go.

I am unfortunately not targeted for the $300 on either of our accounts, but I think I'll open two for the $100 bonus for now.
« Last Edit: January 15, 2019, 02:47:01 PM by kpd905 »